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The recent sharp increase in natural gas prices globally has not only led to the bankruptcy of many natural gas companies in the UK, but also caused supply problems in the UK food industry
The United Kingdom is one of the major natural gas consumers in Europe.
Many energy suppliers in the UK that have not signed long-term wholesale price contracts have suffered huge losses due to skyrocketing natural gas prices
The Office of Natural Gas and Electricity Markets, the UK's energy market regulator, stated that natural gas prices are “rising at an unprecedented rate” and that more energy suppliers may fail in the coming months
The sharp increase in natural gas prices also shut down two major fertilizer plants in the UK, which resulted in a 60% reduction in the supply of carbon dioxide, a by-product of the fertilizer plants
High natural gas prices also endanger the steel industry
Faced with the sharp rise in natural gas prices, the British government has convened several of the country's largest natural gas supply and operating companies for talks
Capital Global Economic Services Director Jennifer McKeon believes that supply and demand factors have contributed to the surge in global natural gas prices
The global gas shortage is undoubtedly worse for the UK
British Energy Association chief executive Emma Pinchbeck said that the abnormal fluctuations in the natural gas market are the result of unusual weather and unusual energy demand patterns after the epidemic.
